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Oil Prices Tumble On Recession Fears

Oil prices fell around 2 percent on Friday and headed for a fourth consecutive weekly decline on worries that a possible global recession would hurt fuel demand.

Benchmark Brent crude futures fell a little over 2 percent to $88.65 a barrel, while WTI crude futures were down 2.2 percent at $81.66.

Recent tightening of monetary policy by major central banks will likely prove helpful in reducing inflation but it is feared that the more hawkish rhetoric and policy actions could tip the global economy into a recession.

Both the IMF and World Bank flagged recession risks last week as central banks across the world simultaneously hike interest rates to combat persistent inflation.

Eurozone manufacturing PMI fell in September and the U.K. downturn deepened, raising worries about weaker economic growth and demand going forward.

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